Rivalry between emerging-market MNEs and developed-country MNEs: Capability holes and the race to the future

The rise of emerging-market MNEs (EMNEs) often is characterized as a process by which they catch up with the superior resources and capabilities of incumbent, developed-country MNEs (DMNEs). We argue that this characterization needs to be rethought as the requirements for competitive success in global markets are changing. Emerging markets are becoming more important, the value-for-money segment in developed countries is expanding, global retailers are gaining leverage, and the flexibility to deal with economic and political volatility is becoming a key organizational capability. Typically, EMNEs are stronger in these areas than DMNEs. This leads us to frame the competition between EMNEs and DMNEs as a race to the future in which each type of firm has capability holes that it needs to fill in order to thrive in the global economy of the future. We then discuss the strategies that EMNEs and DMNEs have been using to plug their respective capability holes. We hope future studies can apply this framework to analyze rivalry between EMNEs and DMNE in specific industries.     

Effects of foreign and domestic economic policy uncertainty shocks on South Korea

This paper investigates the effects of foreign and domestic economic policy uncertainty shocks on South Korea via structural VARs. The results show that both foreign and domestic policy uncertainty shocks exert negative and significant impacts on South Korea. Foreign economic policy uncertainty shocks are found to be more dominant than domestic economic policy uncertainty shocks in influencing the Korean output. The results also indicate that economic policy uncertainty that originates from foreign countries is a significant source of disturbance to the Korean economy, but domestic policy uncertainty plays a rather limited role in explaining Korean business fluctuations.     

The concise economic history of Portugal – a comprehensive guide

Most research on British business in Latin America has concentrated on the free-standing companies, such as the railways, which characterised British investment before 1914. Apart from Royal Dutch Shell, the most important new British investments thereafter were manufacturing companies, which steadily increased their presence in the region. Some began to arrive before 1914, but several more made significant investments between the wars, especially in Argentina and Brazil, with a further wave of new investment after 1945. This paper utilises corporate archives, as well as those of the British government and Bank of England, to investigate the financial aspects of their growth. While the provision of finance for fixed investments and working capital was relatively straightforward before World War II, thereafter it became more difficult due to government regulation on both sides of the Atlantic, leading to ingenious solutions to overcome financial challenges.     

Cotton: ‘The Most Studied of all Manufactures’

This article offers an account of European cartelisation in the rayon industry, with a particular emphasis on the inter-war period. It adds to the debate about the role of European cartels in the multinationalisation of European big business. While showing that cartelisation went hand in hand with rapid growth and a boom in foreign direct investment in the 1920s, it argues that, contrary to a widely held view, the collapse of the international financial system, the smooth working of which was a sine qua non for the functioning of a European sales agency, hindered international cartelisation in the 1930s.     

Control of subsidiaries of MNCs from emerging economies in developed countries: the case of Taiwanese MNCs in the UK

There has been considerable research over the past few decades on the process through which headquarters of multinationals from developed economies exercise control over their network of subsidiaries in foreign countries. However, little research has been conducted on multinationals from emerging economies operating in developed countries. In this article, we examine the motives for, and mechanisms by which, headquarters of Taiwanese multinationals exercise control over their subsidiaries in the UK. The article draws on data collected through 66 interviews with top managers and human resource managers from four UK based subsidiaries of Taiwanese multinationals. The study reveals that Taiwanese multinationals use both output control and behaviour control to manage their subsidiaries in the UK.     

STRATEGIC MANDATORY LABELING OF BIOTECHNOLOGY PRODUCTS IN THE ABSENCE OF QUALITY DIFFERENCE

This article examines the strategic use of mandatory labeling of biotechnology products, such as genetically modified food. A foreign dominant firm produces a biotechnology product and foreign competitive firms produce a conventional one. It is shown that if other trade measures such as tariffs are also available, the government of an importing country may impose mandatory labeling even in the case where there is no quality difference between biotechnology and conventional products. A combination of a discriminatory tariff on the biotechnology product and mandatory labeling shifts rents from the foreign dominant firm to the domestic economy.     

南京地区韩国商务游客市场分析

近年来，韩国一些城市与南京的联系日益密切，韩国游客进入南京的人数不断增长。在商务旅游市场蓬勃发展的背景下，有必要研究南京地区韩国商务游客入境的概况，分析南京地区的商务旅游资源，展望未来南京地区韩国商务旅游市场的前景。     

中国外交战略调整对朝鲜半岛政策的影响回顾

新中国成立以来,外交战略的几次调整都对中国的朝鲜半岛政策产生了重大影响。中国外交战略和对朝鲜半岛政策大体上经历了“结盟外交”与对朝“一边倒”政策、“独立自主的不结盟外交”与朝韩并重政策、“新型大国外交”与“中朝关系正常化和中韩关系强化”政策几个阶段的变化。未来中国对朝鲜半岛政策将以国家安全利益为准绳,中朝韩三角关系的发展步入良性的循环轨道,促进东北亚地区和平、发展与繁荣。     

外资并购的潜在问题及对策探讨

中国加入WTO以来,并购逐渐成为外商对华投资的一种新的趋势。外资并购在给我国带来资金技术、先进的管理经验的同时,也带来了一些隐患,如国有资产的流失、并购性失业、对外资的过分依赖等。对此,应该在提高外资并购政策的透明度和可操作性、发挥并购中介机构和并购人才的作用、加强并购过程的监管、完善劳动及社会保障法规等方面做出努力。     

朝鲜特殊经济区建设对中朝经贸合作的影响分析

文章从朝鲜特殊经济区建立的时间、背景入手,分析了朝鲜建设特殊经济区的具体原因,并对朝鲜特殊经济区建设对中朝经贸合作可能产生的影响作一探讨,在此基础上提出进一步扩大中朝贸易的对策。